Some People Still Believe Bitcoin Is A Scam...
It's simply unbelievable to me that some people are still calling Bitcoin a scam. But unfortunately it still happens almost on a daily basis, just like recently again as Bill Harris, co-founding CEO of Paypal, called cryptocurrency and especially Bitcoin a fraud...
Among his argumentation he called Bitcoin useless in regards of being a currency, that it would be extremely volatile and without any intrinsic value. To sum it up a bit shorter and grasp his main message, he called BTC a shitcoin!
As if this wouldn't be enough he went even further to outline the huge criminal usage of Bitcoin, the resource-hungry mining and fraudulent ICO's. While mainly focusing on BTC he somehow called the whole cryptosphere a scam.
My Answer/Opinion On All That:
I don't think that I have to mention that I'm of the opinion that calling Bitcoin a scam is simply ridiculous. But yeah it is simply ridiculous!!!
But let's take a more detailed look on the facts Mr. Harris mentioned. First of all there would be the aspect of BTC as a currency. Well what shall I say, you are able to pay with Bitcoin and it's used more than 200.000 times per day already despite still being comparably unpopular compared to other payment options. If that can be called useless, then I don't know what to say anymore...
The next point is extreme volatility. Well that's, at least in my opinion, easily explained as a young asset doesn't have too much people trading it and therefore it's more volatile than older, more established trading pairs. I'm convinced that this will definitely change over time and that sudden big price jumps will not be possible anymore.
Now let's get to my favorite point being "no intrinsic value". I think this point gets answered best with a single question: "Do you believe that an asset, which could, and partly already does, disrupt the whole banking industry has no value at all?"
So now that those three points would be clarified I'd like to get back on his statement that cryptocurrency would be resource-hungry. Hmm let's see maybe we could compare the Energy consumption of Bitcoin to traditional gold mining and suddenly cryptocurrency don't seem to be so resource-hungry anymore, right?
My Conclusion
After reading through all the above you might not be surprised to hear that I can just look at such critics with a smile and think about what they might say in a few years from now. I strongly doubt that they'll still have the guts to call Bitcoin a scam.
Anyways as a total crypto enthusiast my opinion might just be fixed to be 100% pro crypto as long as we're not talking about some useless shitcoins, which is probably the only point I'd agree on with Bill Harris.
That's why I'm extremely interested in getting to know your opinion. Do you think sometimes question yourself whether people like Bill Harris might be correct, even think alike them or are you a total crypto lover just like me?
Let me know about it in the comment :)
(Source 1 - Cointelegraph.com )
(Source 2 - Digiconomist.net )
(Source 2 - Blockchain.info )
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They either against BTC or just want to make some FUD
Wow both can be possible because bitcoin price is a bit tricky most huge bussiness is afraid of it
it's a "scam" because current world powers cannot control it, simple as that.
I think there is nothing to add on that statement!
The truth is the same was said about many other things that has stood the test of time and proven many people wrong...in time people will come to accept the change.
people are afraid of what they don't understand and will label it all kinds of bad just to proof they are right...but TIME IS A REVEALER OF ALL TRUTH.
Yeah solomonsojay know that topic is a very touching one for the banks who is offer to make huge investment in they are totally afraid indeed
"Do you believe that an asset, which could, and partly already does, disrupt the whole banking industry has no value at all?" i really need to remember that quote to shut down any pseudo critics i encounter along the road, as i already had one saying that cryptos have no real value ;)
Value is a subjective thing. That's as well the reason why people invest into different things. It'll still be hard to convince a critic that cryptos have value whenever he or she doesn't believe in the overall success of them.
It is difficult to judge the turnover of bitcoins in the world economy, relying solely on their number and the price of one bitcoin, because there is no data on the speed of their circulation. Nevertheless, it is quite obvious that bitcoin is gaining more and more control over the minds of consumers and, as a result, the number of operations with their use is growing.
Bill Harris and other people are actually afraid to this change, they know, they can not rule it. So, it's better to say it is scam.
Yes, still bitcoin market is too volatile, and this is because, people are without know what they are doing.
Interesting take in that you choose disrupting the financial markets as Bitcoin's intrinsic value. I guess that means all new, potentially disruptive technologies are intrinsically valuable by your estimate? Seems reasonable enough I guess.
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Bitcoin brought the technology, now he has to go!
In my opinion, all we have to do is waiting. Cryptocurrencies are really fresh in our world and people should have more opportunities to see that they will change some rules. I think that it will take from 5 to 10 years so just stay positive to it :)
Thanks for this article, I'm glad that you mentioned this topic in this post. Keep doing :)